A cashier places 5 rouble coins into a counting machine at an office in Krasnoyarsk, Russia, January 22, 2016.Ilya Naymushin/File Photo

MOSCOW (Reuters) - Russian Finance Minister Anton Siluanov said on Monday the rouble was overvalued by up to 12 percent, making it a good time for foreign currency purchases under which the ministry may buy at least $1 billion in 2017, Russian news agencies reported.

"I believe it (the rouble) is 10-12 percent stronger than its fundamental value," news agency TASS quoted Siluanov as telling journalists on the sidelines of the G20 meeting in Baden-Baden, Germany.

The rouble weakened to 57.4 versus the dollar from levels of around 57.27 seen before Siluanov's comments.